According to new data released by research company RealtyTrac Inc., rising home prices have made it easier for more than a million Americans to sell their properties, giving a boost to the housing market.
The data, highlighted in an article from Bloomberg, shows that about 1.2 million more homeowners had 10 percent to 20 percent equity at the end of 2014 compared with a year earlier as their property gained value.
According to Lawrence Yun, chief economist of the National Association of Realtors, as many as 20% of homeowners who gained at least 10% equity in their homes in 2014 may try to make a move this year, giving a lift to the market.
The prospects are brightening for these homeowners as the real estate market approaches the busiest time of the year, from March to June. Families jammed into houses that are too small will finally have enough profit from the sale of their property to pay transaction costs and buy a bigger one, said Daren Blomquist, vice president at RealtyTrac in Irvine, California.
